Companies are cutting back on DEI initiatives while others are disbanding them altogether. Many more are hurriedly reconfiguring their policies, striving to avoid lawsuits from conservative activists as they attack diversity programs.
Goldman Sachs Group Inc. has made a surprising change to its “Possibilities Summit” for Black college students: It’s opened the program to White students.
At Bank of America Corp., certain internal programs that used to focus on women and minorities have been broadened to include everyone.
And at Bank of New York Mellon Corp., executives are being urged to reconsider hard metrics for workforce diversity. Lose them, lawyers have advised.
This is what diversity, equity and inclusion looks like on Wall Street today: anxious, fraught – and changing fast.
Senate Banking Committee Holds Annual Oversight Of Wall Street Firms
Bank executives are moving to head off accusations of reverse discrimination.
From C-suites down, American finance is quietly reassessing its promises to level the playing field. The growing conservative assault on DEI, coupled with pockets of resentment among White employees, have executives moving to head off accusations of reverse discrimination. It’s not just Wall Street. In recent weeks, Zoom Video Communications Inc. cut its internal DEI team amid broader layoffs and Tesla Inc. removed language about minority workers from a regulatory filing.
That’s led to a flurry of requests for audits from law firms and consultancies who specialize on diversity in the workplace.
Conservative legal activists successfully challenged the use of affirmative action by universities. Now they are going after diversity initiatives widely deployed across American corporations. Some companies are already reconsidering their efforts.
In lawsuits, shareholder letters and petitions to the Equal Employment Opportunity Commission, activists are using some of the same tactics that progressive groups have used to advance diversity, equity and inclusion, or DEI, programs. They are arguing that companies are violating rules against race- and sex-discrimination, including those drawn from legislation designed to secure the rights of Black Americans.
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